CHS stock is plummeting on Wednesday as Chico’s (NYSE:CHS) reported its latest quarterly earnings results early on Wednesday, posting earnings that missed Wall Street’s expectations.
The women’s clothing retail chain said that for its third quarter of its fiscal 2018, it brought in net income of $6.5 million, or 5 cents per share, which was lower than the $16.7 million, or 13 cents per share the company brought in during its year-ago quarter.
Chico’s earnings for the period were below the Wall Street consensus estimate of 8 cents per share, according to analysts who were surveyed by FactSet. The company added that its revenue for the period fell 6.1% to $499.9 million from $532.3 million during the company’s third quarter of its fiscal 2017.
Analysts were calling for the company to bring in revenue of $515.6 million for the period. Chico’s added that its same-store sales suffered a 6.8% decline year-over-year due to a drop in transaction count and average dollar sales, while the Wall Street consensus outlook called for a decline of 1.4% on the same-store sales front, per FactSet.
The company is now calling for its fiscal 2018 sales to experience a “high single-digit” percentage decline, which is wider than its previously expected “mid single-digit” decline.
CHS stock is plummeting more than 38.3% on Wednesday as the company’s quarterly earnings results were well below what the Wall Street consensus estimate called for.